chapter 1 - Consumer Behavior and Marketing Strategy

What is the likely outcome for a firm that bases its marketing decisions on explicit consumer behavior theory, assumptions, and research? Multiple choice question.

competitive advantage

______ studies the processes that people use to choose, secure, utilize, and dispose of products, services, experiences, or ideas to satisfy needs and the effect of these processes on the consumer and society.

consumer behavior

__________studies the processes that people use to choose, secure, utilize, and dispose of products, services, experiences, or ideas to satisfy needs and the effect of these processes on the consumer and society.

consumer behavior

Economically developed societies are often called

consumption societies

Marketing decisions are likely to be successful if they are based on

customer value

The difference between all the benefits derived from a total product and all the costs of obtaining those benefits is known as

customer value

Which is the most effective way to discover customers' needs?

market research

Which is the most effective way to discover customers' needs?

marketing research

Consumer behavior can best be defined as the study of the processes individuals, groups, or organizations go through in order to

select, secure, use and dispose of products, services, experiences or ideas

Consumer behavior can best be defined as the study of the processes individuals, groups, or organizations go through in order to ______.

select, secure, use and dispose of products, services, experiences or ideas

consumers are affected or influenced by

situation and product category

The application of marketing strategies and practices not for profit but rather to change or create behaviors that have a beneficial impact on targeted individuals or society as a whole is known as

social marketing

The application of not-for-profit marketing strategies and tactics to alter or create behaviors that have a positive effect on the targeted individuals or society as a whole is referred to as

social marketing

The application of not-for-profit marketing strategies and tactics to alter or create behaviors that have a positive effect on the targeted individuals or society as a whole is referred to as . (Enter one word in each blank.)

social marketing

Which market analysis component includes consideration of the state of the economy, the physical environment, government regulations, and technological developments? Multiple choice question.

the conditions

Customer value can be defined as

the difference between the benefits derived from a total product and the costs of acquiring those benefits.

marketing strategy

the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships

consumer behavior

the study of set group of people

During market analysis, which of the following questions should a company ask regarding competition?

1. If we are successful, which firms will be hurt? 2. How are competitors likely to respond if we are successful?

What is the likely outcome for a firm that bases its marketing decisions on explicit consumer behavior theory, assumptions, and research?

It can create a competitive advantage for the firm.

When conducting market analysis, which of the following must a company do?

It must understand its own ability to meet customer needs.

Which two statements about determining customers' needs are true?

1. market research 2. complex process

Which of the following are the most likely responses from competing companies if your company is successful? (Select all that apply.)

Competitors will reduce prices on their products. Competitors will increase their advertising.

Which of the following are approaches to identify need sets in the process of market segmentation? (Select all that apply.) Multiple select question.

Identifying needs first followed by consumer characteristics associated with those needs Identifying ethnic groups first followed by consumption-related needs across the groups

During market analysis, which of the following questions should a company ask regarding competition? (Select all that apply.)

If we are successful, which firms will be hurt? WHICH How are competitors likely to respond if we are successful?

Select the components of a market analysis.

The Capabilities of current and future competitors The Organization's own capabilities The Consumption process of potential customers The Economic, physical, and technological environment

Identify an accurate statement about groups of customers with similar need sets. Multiple choice question.

They can have sharply different demographics.

Select the ways by which a company can understand its own ability to meet customer needs. (Select all that apply.)

Understand the skills of its marketing department. Consider its production capabilities. Evaluate its own financial condition.

It is important for individuals in consumption societies to be aware of the marketing strategies and tactics that influence their decisions so as to _____.

be more effective as consumers

Which two items have prompted consumer demand for environmentally sound products?

deterioration of the physical environment